Contents
- 1 How to find the best Paytm Forex brokers?
- 2 How to create Paytm account for Forex trading?
- 3 How do you add funds to your Paytm account?
- 4 In case of any trouble, while making Forex deposits via Paytm, you can always contact the customer service team
- 5 Safety concerns and other controversies around Paytm
- 6 Should you start Forex trading with Paytm?
Every day, there is something new happening when it comes to payment methods. As technology continues to develop, more and more payment methods are coming into play. Paytm is one of the newest companies that is offering its services to the people of India. Paytm stands for pay through mobile and represents one of the largest mobile payment systems in the country.
We created this guide to help you learn more about this payment method and understand all the offerings that it has for Forex traders. Since the company is pretty new, there are not so many Forex brokers accepting Paytm deposits. However, there are a number of them offering their services to the citizens of India.
The company prides itself on offering cost-efficient and timely payments with Paytm Wallet. This can be very important in the field like Forex since most of the traders are willing to have the opportunity to have access to the trading market as fast as possible.
How to find the best Paytm Forex brokers?
Payment methods are very important when it comes to Forex trading, however, you should always keep an eye on the regulations that are in place. Try to find brokers that own some type of authorization from official governing bodies, once you think you have found the broker of your liking, be sure to double-check the information that was provided to you with the regulatory bodies.
Forex trading already very risky so make sure that your funds can stay safe is one of the most important things that you can do!
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Min. depo
100 USD
Leverage
400:1
Platform
MT4, MT5
AvaTrade
How to create Paytm account for Forex trading?
Like any other mobile payment services, creating an account with Paytm is very simple and can be done by everyone, even those who do not have any type of experience trading Forex. Here are the few steps that you will need to take to create an account:
- First of all, you need to download the Paytm app. Once you open it, click the Create a New Account button, enter the mobile number that you want to use for payments, email, and password
- Then, enter the OTP that was sent to your mobile number and submit the form
- Provide your first and last name in addition to DOB, and you are done with the account creation process!
How do you add funds to your Paytm account?
Before you are able to deposit money on the Forex trading account via Paytm, you will need to fund your Paytm account. It does not take a long time to do so and is a very simple procedure. All you need to do is to go to your Paytm Wallet, click add money to Paytm Wallet, enter the amount of money you wish to add, and select your way of transaction.
This can be either a bank account, debit card, credit card, and many others. Then, you will need to provide some details about your payment method and the money will be added to your Paytm account.
Once you have funds on your Paytm account, you can continue to deposit money on the FX trading platform.
How to deposit money on the Forex trading account using Paytm?
As soon as you have funds on your Paytm account, you can pay them for Forex trading. The process might be a little different for every broker, however, mostly you will have to visit your personal page at the FX trading platform, choose Paytm as your way of payment, and follow very easy instructions.
Will there be any fees charged while making the Paytm deposit on FX broker?
In most cases, there are little to no fees applied to the payment you make with Paytm. However, keep in mind that there might be some fees that are applied to payments by the Forex broker itself. So, to make sure, always try to check the information provided by the Forex broker. Mostly, they have special pages dedicated to the payment methods and the fees that are charged for payments.
When it comes to payment methods like Paytm, it is very hard to find the best FX brokers. However, we still managed to come up with the list of the best ones.
XM
Min. Depo
$5
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Leverage
1:888
Platforms
MT4, MT5, WebTrader
AvaTrade
Min. Depo
100 USD
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Leverage
400:1
Platforms
MT4, MT5
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
FundedBull
Min. Depo
49 USD
Licences
N/A
Leverage
N/A
Platforms
MT4, MT5, cTrader
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
In case of any trouble, while making Forex deposits via Paytm, you can always contact the customer service team
Having the ability to get help when you need and how you need is very important when it comes to Forex trading. Paytm is very useful in that regard, the professional team of Paytm is always ready to provide the much-needed help when you need it.
There are special phone numbers for different types of emergencies, For example, if you need any information regarding banks, wallet, or payment, you can simply call 0120-4456-456 and you will be able to contact a professional that is willing to help you!
Safety concerns and other controversies around Paytm
We can not continue talking about this payment method without mentioning controversies around it. Recently, different types of media outlets reported that Paytm had connections with government representatives and they were providing sensitive information about their users to the government.
The team of Paytm said many times that it is not true and that they are working very hard to make sure that the safety of their clients is guaranteed. There are many things that are being done in that regard, first of all, when it comes to mobile payments, it can be said that they might be a little safer than other means of payment. Because of the fact that the sensitive information is not available for the Forex broker while making a deposit makes a lot of people feel a lot safer.
Should you start Forex trading with Paytm?
There are many aspects to this question. First of all, there are not so many Paytm Forex brokers on the market so if you really are not into this payment method, creating it especially for Forex trading just does not make any sense. If you live in India and are using Paytm for most of the things that you are doing already, Paytm accepting Forex brokers might be the perfect way for you to go.
What you need to do before you make a final decision, however, is to make sure that you know what you are looking for in a Forex broker. Do your research and you will be good to go!